Creativity not compromise is at the heart of New Jersey’s hedge fund mix

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The investment policy for the State of New Jersey Division of
Investment is quite simple, says its director, Tim Walsh. It is
to achieve the best possible return at an acceptable level of
risk while using the highest fiduciary standards. Unlike most
public pensions, the bulk of New Jersey’s money is
managed in-house, which encourages creativity. "When it comes
to alternative investments, we’re trying to do big
ticket investments with innovative structures," says Walsh.

The Division of Investment, which is based in Trenton,
manages $71 billion in pension assets. The money provides
retirement benefits to most state and municipal workers in New
Jersey. The pension fund has six components:
Teachers’ Pension & Annuity Fund, Public
Employees’ Retirement System, Police &
Firemen’s Retirement System, State Police
Retirement System, Judicial Retirement System, Consolidated
Police & Firemen’s Pension Fund, and
the...

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